SAN DIEGO – EvoNexus, California’s most successful non-profit technology incubator, is partnering with leading healthcare technology providers in a program that it hopes will accelerate the growth of digital health innovation, solutions and services.
Becton, Dickinson and Company, ResMed, Perma Pure, Bio-Rad, Abbott, EMD Electronics and Sharp Healthcare are joining EvoNexus to champion entrepreneurs and help them turn their transformative digital health ideas into fundable, commercially viable companies.
Co-founder & CEO
EvoNexus
Rory Moore, CEO and co-founder of EvoNexus, said the partnering companies in the Digital Health Program “believe EvoNexus is the most successful non-profit incubation program in our region.”
More said the time is right for this program, with the convergence of wireless devices, sensors, semiconductors, Artificial Intelligence, genomics, telemedicine, cloud computing and data analytics changing healthcare and improving quality of life.
“San Diego has been the epicenter of technology convergence in healthcare,” Moore said. “The EvoNexus healthcare partner organizations are committed to accelerating the creation of new companies that grow this important healthcare ecosystem.”
Moore said he looked to words from cardiologist and founder of the Scripps Research Transitional Institute Dr. Eric Topol for the inspiration on the partnerships and program.
Topol made a prediction in 2016 with his book “The Patient Will See You Now – The Future of Medicine is in Your Hands,” Moore said.
“He predicts technology will one day be in the hands of the patient to self-monitor and create efficiencies that reduce the cost of healthcare,” Moore said. “The partnership with EvoNexus and healthcare technology companies will help to expedite Eric’s vision.”
Moore said that since the creation of EvoNexus in 2010, the incubator has attracted startups in the medical technology sector, with 53 healthcare technology startups admitted to its long-term incubation program.
“The partners are looking to EvoNexus to attract startups that are relevant to their technology and services roadmaps,” Moore said. “This is a win/win for the startup and large organization. More often now, large companies focus their internal R&D in areas that are core to the business units.
“Outside product innovation is often seen as faster time to market and an efficient method of adding hard to find talent in an important area. M&A activities continue to increase and across the healthcare technology sector with large and small acquisitions. EvoNexus is a very efficient M&A platform.”
As for those who want to be considered for inclusion in the program, Moore said, all applications will be considered, whether out of a university or research laboratory, a team departing a large healthcare technology company or a clinician.
EvoNexus and Its Reach
EvoNexus enables entrepreneurs to turn transformative ideas into fundable, commercially viable companies. Startups in the EvoNexus incubation program gain access to unique benefits to help their business grow and thrive, including capital, more than 400 investors and exclusive corporate partners and up to two years of free residency in incubation.
Startups also can get mentorship from world-class domain experts, meeting integral partners within the EvoNexus network.
EvoNexus has sorted through more than 7,000 startup applicants since its founding in 2010 and has only admitted 265 startups across all sectors. Moore said 54 EvoNexus startups have been acquired and that there has been $4.3 billion in funding and outcomes with $10 billion in pre-exit valuations.
While EvoNexus takes in all of Southern California, Moore said, “More than 98% of that (funding) sum was achieved by San Diego-based EvoNexus startups.”
Moore said the reasons behind the partnership and program are to accelerate wealth, job creation, and “keeping the best and brightest in our region.”
Among previous medtech exits with EvoNexus startups are Omniome (acquired by Pacific Bio); Edico Genome (Illumina); CRISI Medical (Becton Dickinson); toSense (acquired by Baxter); Cypher Genomics (Human Longevity, Inc.); Cardea Bio (Paragraf); Trials.ai (ZS); and nPruv (Parallel6).
Founder & CEO
Pleno Inc.
“Edico Genome entered EvoNexus as a two-person team,” said Dr. Pieter van Rooyen, founder of Edico Genome and now CEO of Pleno Inc., which he founded. “Our goal was to accelerate the analysis of gene sequencing through software and semiconductor content.
“The EvoNexus staff, mentors, and strategic corporate partners played an essential role in the development of our first product and early venture capital funding. The technology we created continues to be utilized by Illumina.”
Coming Soon
EvoNexus is also preparing for its Demo Day 2024.
The Sept. 16 event at Qualcomm’s Irwin M. Jacobs Hall, in Building N, is set for 3:30 to 7 p.m.
Sponsored by Qualcomm, the event will feature six companies that entered EvoNexus as a small team of founders and have developed to growth-stage companies with product revenues.
All six have created technology and products that are both disruptive and in diverse sectors, Moore said, with total venture capital secured collectively by the companies exceeding $600 million.
EvoNexus
FOUNDED: 2008
CO-FOUNDERS: Rory Moore, Vice Admiral Walter Davis
HEADQUARTERS: San Diego
BUSINESS: Nonprofit technology incubator
MEDIAN TOTALS: EvoNexus median deal size for its companies is $1.6 million; median valuation is $15 million
EMPLOYEES: 7
WEBSITE: evonexus.org
CONTACT: 888-926-3987
IMPACT: The EvoNexus 2-year program combined with its individualized milestone-based structure and 1-on-1 mentoring fosters a path from post-ideation to minimum viable product and long-term sustainability. Startups that join the EvoNexus incubation program gain access to unique benefits to help their business grow and thrive to the point that its portfolio companies raised $157 million in 2024.
NOTABLE: More than 85% of EvoNexus portfolio companies have secured venture funding from more than 400 VCs and independent investors
